Magazine article American Banker

MassMutual Hires Sales Execs to Help Expand Its 401(k) Unit

Magazine article American Banker

MassMutual Hires Sales Execs to Help Expand Its 401(k) Unit

Article excerpt

MassMutual Retirement Services has hired three sales executives to help it continue expanding its 401(k) business for small to midsize companies.

The three executives, who will focus on New York State, the Southeast, and the Plains-Southwest region, respectively, are to help the company bolster its third-party administrator 401(k) business, which topped $3 billion of assets under management this month, the company said last week.

Ian Sheridan, the chief marketing officer at MassMutual Retirement Services in Springfield, Mass., said the third-party administrator, or TPA, 401(k) business is aimed at specific administrators who offer MassMutual's products and services to small to midsize employers. Assets under management have grown more than 40% in the unit since 2001, and Mr. Sheridan said he is confident this momentum can be maintained.

"We are working to reach out to third-party administrators," Mr. Sheridan said. "This business is growing. MassMutual is hiring and leveraging our technology to expand our business among smaller employers. We are trying to get in front of intermediaries and brokers so they can take our products and services to small businesses."

To accommodate this growth strategy MassMutual hired, as regional sales directors, John Cunningham for upstate New York; Mike Zahariades for North and South Carolina, Georgia, Florida, Alabama, Mississippi, and Tennessee; and Anne Boozer for Arizona, Colorado, Kansas, Louisiana, Missouri, Nebraska, New Mexico, Oklahoma, and Texas.

Mr. Sheridan said MassMutual selects 100 third-party administrators nationally. They are chosen for being near pockets of producers, and they help on sales and relationship management. The selected administrators work with MassMutual on plan design, compliance testing, and other services to plan sponsors.

The demand for MassMutual's business is generated by third-party administrators who recognize that the insurer can offer the same services to smaller employers that it does to its largest customers, Mr. …

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